Life Insurance for Individuals

What is Life Insurance?

Life Insurance is an insurance for protection of family against eventualities.

Term Insurance: Term plans are real life insurance plans, to protect the family in case of any untoward incident to the bread winner of the family. They provide life cover with no savings / profits component. They are the most affordable form of life insurance as premiums are cheaper compared to other life insurance plans.

Endowment Policies: Endowment plans differ from term plans in one critical aspect i.e. maturity benefit. Unlike term plans which pay out the sum assured only in case of an eventuality during the policy term, endowment plans pays out the sum assured under both scenarios – death and survival. However, endowment plans charge higher premiums – for paying out sum assured, along with profits.

Money Back Policies: A money back policy is a variant of the endowment plan. It gives periodic returns during the policy term. A portion of the sum assured is paid out at regular intervals and if the policy holder survives the term, he gets the balance sum assured plus applicable bonus. In case of death during the policy term, the beneficiary gets the full sum assured plus applicable bonus.

Whole Life Policies: A whole life insurance policy covers a policyholder over his life. The main feature of a whole life policy is that the individual enjoys the life cover throughout his life. The policyholder pays regular premiums for a limited premium paying term. Sum assured with bonus is paid at the end of the premium paying term and the risk cover continues till policyholder attains 100 years.

Pension Plans: Pension Plans help individuals to lead a peaceful retirement life. It gives regular monthly income in the form of pension.

Child Plans: Child Plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child / parent during the policy term and ensures required dream amount to the child when needed i.e. during the child’s Graduation / Post Graduation / Marriage. The dream of the parent would be fulfilled even in case of his/her untimely demise.

Unit Linked Insurance Plans (ULIPS):ULIPs are saving / investment plans. The premium paid under ULIPs are invested in the market and the returns are subject to market fluctuations. In case of unfortunate death of the policyholder during the policy term, sum assured / fund value which ever is higher is payable. The policyholder has different fund options for investing the premiums paid and the returns vary based on the fund options chosen. The policyholder will get the fund value as maturity benefit.

Health Plans: Health insurance plans under life insurance offer you the benefit of lump sum cash, irrespective of the expenses you incur during hospitalisation. This ensures that your savings remain intact and go towards fulfilling your family’s dreams and securing their financial stability. Health Plan under life insurance covers entire family including children, dependant parents and parents-in-law. Also this plan covers pre-existing illnesses after 4 continuous years of membership. You and your family members will have guaranteed coverage up to the age of 99 for adults and 21 years in case of children, irrespective of claim experience and change in your health condition.

Riders: Riders enhance the benefits of the base policy. Popular riders are:

Term Rider: In case of normal death, double the sum assured will be paid subject to rider sum assured opted.

Accidental Death Rider: In case of death due to accident, double the sum assured will be paid subject to rider sum assured opted.

Accidental Death & Dismemberment Rider: In case of dismemberment due to accident, rider sum assured is paid in intervals.

Critical Illnes Rider: In case of diagnosis of any of the stated critical illnensses, rider sum assured is paid.